But experts have now warned that some of the former players could be left bankrupt through the clampdown, which is due to come into force in 2019, report the Daily Record.

Earlier this month the Chancellor laid down a pledge to pursue all individuals who have benefited from “disguised remuneration schemes” – of which the Employee Benefits Trust introduced by Murray was a prime example.

Rangers stars and senior staff during the club’s controversial EBT years between 2001 and 2010 raked in £47.65million from the scheme.

Chased up: Souness could be forced to pay money back to the taxman (Image: Daily Mirror)

The crackdown on EBTs will combine with ongoing court proceedings by HM Revenue and Customs against “oldco” Rangers as an effective double whammy.

Liquidators for the Rangers oldco are embroiled in a long-running legal dispute with the taxman over the Big Tax Case, which will finally be decided in the Supreme Court in coming months.

The taxman claims the loans were never going to be repaid and the scheme was a brazen tax dodge.

Osborne’s new legislation means that, even if the court action by the taxman fails to prove the EBTs were paid as a top-up to wages, Rangers oldco and the players can expect massive tax demands to pop through their letterboxes when the crackdown comes into force in just three years.

Expensive: Barry Ferguson could be forced to pay around £1million (Image: Charlie Crowhurst)

Tax expert Andrew Watters, of accountancy firm Thomas Egger, has represented several EBT clients and admits many are anxiously awaiting the outcome of the Rangers Big Tax Case, which has been viewed as a potentially important precedent ahead of other similar actions.

Watters claimed players’ agents and Rangers’ tax advisers could be dragged into court if the football stars are made to cough up.

He said: “I am sure that people could be bankrupted by this.

“If you are a sportsman and your career and your prime earning years have come to an end and investments haven’t come good, what was your pension pot may have vanished before your very eyes.

“If it was discovered that the tax affairs back in the day were not what you thought they were, then you may have a large sum to pay.

Rangers tax crackdown: Biggest liabilities

£2.52m

Sir David Murray

£1m

Barry Ferguson

£680k

Alex McLeish

Daily Record

“If you don’t have the cash, HMRC will be coming along to take it from any other asset that you might hold, like your house.

“There will be a number of people who are considering legal action against their advisers.

“There might be the sports agent, there might be the tax accountant or the individual who dreamt up the scheme.

“People will be looking through the documentation with a degree of care to see whether there was a loss and, if so, whose fault it was.”

Watters said the fine detail of the Chancellor’s legal crackdown on EBTs still has to be drawn up but it is inevitable that the law will catch up with players even if the Big Tax Case is won by Rangers liquidators BDO.

He explained: “If the court finds against them, they will owe tax in any event.

Taxed: Former player Hutton could be liable to pay over £140k (Image: Reuters / Phil Noble)

“If the court finds for them, they will have to look at the detail of the new legislation.”

Watters believes that agreeing a settlement with the taxman may be the best way out for players.

He said: “HMRC have had a recent EBT settlement opportunity and a lot of people have settled under that opportunity.

“Previously when clients were asking me about the settlement opportunity, I was telling them they were better off with the certainty of that because there were various ways that HMRC could make your life very uncomfortable.

“The Supreme Court is the end of the line and it is due to hear the appeal in the next few months.

“As well as that, new legislation is coming in and the Government are seeking to use that to prove that these schemes do not work.”

Rangers tax crackdown: Other big names' liability

£250k

Steven Davis

£146k

Alan Hutton

£12k

Graeme Souness

Rangers paid EBTs to more than 80 players, officials and staff between 2001 and 2010. Many of the players have since returned to their home countries, which would create difficulties for HMRC in clawing back the cash.

Schemes like EBTs were out-lawed with the 2011 Finance Act but billions of pounds in unpaid tax remains outstanding.

Murray Group, who owned Rangers, argued they were not liable for income tax and national insurance because the players could have paid the loans back.

HMRC’s Big Tax Case took on several companies within Murray International Holdings. Although many EBT beneficiaries had received “side letters” agreeing to cover any liabilities if the taxman came knocking, moves were made to wind up four of the firms last year – eliminating that safety net.

Waiting game: Rangers players would not be targeted until 2019 (Image: Getty)

In a technical note to support Osborne’s policy commitment, the Government pledge to firm up the law to prevent new tax avoidance schemes forming – and they make it clear that individuals will be hunted for past liabilities.

The note says: “The Government are also committed to ensuring that those who have used these schemes in the past aren’t allowed to get away with it. To meet this objective, the Government will introduce legislation to put beyond doubt that all loans or debts from a disguised remuneration scheme will be taxed as earnings if they haven’t already been fully taxed or repaid on or before April 5, 2019.”

The paper states that a Finance Bill this year will lay down the framework for the tax grab, with finer details being added later.

Specific legislation is expected to be passed in Scotland to facilitate Osborne’s plans.

Rangers and HMRC have been embroiled in the Big Tax Case for several years. Despite Rangers Football Club liquidators BDO seeing off earlier legal efforts to force payment of tax on the EBT payments, HMRC won the most recent court battle – meaning the Supreme Court will decide the final outcome.

Two tribunals in 2012 and 2014 had ruled against HMRC.

Climb: Rangers are climbing back towards the Scottish top flight (Image: Mark Runnacles)

The case triggered calls for Rangers to be stripped of honours acquired during the EBT years, amid accusations of “financial doping”.

Rangers won the Scottish Premier League on five occasions, the Scottish Cup four times and had five successes in the Scottish League Cup.

Lord Drummond Young, one of the three Court of Session judges who considered the case last November, declared that if EBTs had not been in operation at Ibrox, certain players “might well have taken their services elsewhere”.

He said it was “common sense” and “self-evident” that the payments were related to work.

HMRC say they have already claimed back £1.3billion of tax from settlements with 1500 companies.